Gasoline Prices at Gas Stations Rise for 16 Consecutive Weeks... Nationwide Average 1,498.6 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 16 consecutive weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price in the second week of March recorded 1,498.6 KRW per liter, up 15.6 KRW from the previous week.

The average gasoline price increased by 1.5 KRW compared to the previous week in the first week of last month, but the increase widened to 3.9 KRW in the second week, 7.3 KRW in the third week, 10.2 KRW in the fourth week, 9.7 KRW in the first week of this month, and 15.6 KRW in the second week.

By region, Seoul, which has the highest price, recorded 1,585.9 KRW per liter, up 14.2 KRW from the previous week. This is 87.3 KRW higher than the national average price. The lowest price region, Daegu, had a gasoline price of 1,471.7 KRW per liter.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,469.8 KRW per liter. The most expensive was SK Energy gas stations, with a gasoline price of 1,505.9 KRW per liter.

The average diesel retail price also rose by 15.4 KRW from the previous week to 1,298.5 KRW per liter. The cheapest diesel was at Altteul gas stations at 1,268.6 KRW per liter, and the most expensive was SK Energy at 1,306.1 KRW per liter.

The Korea National Oil Corporation stated, "The upward trend is due to the OECD's upward revision of the global economic growth forecast, U.S. President Biden's signing of a stimulus package, a weak dollar index, a decrease in U.S. petroleum product inventories, and attacks on Saudi oil facilities by Yemen's Houthi rebels."

This content was produced with the assistance of AI translation services.